AVOID CRA PENALTIES BY SENDING US ALL
YOUR PERSONAL TAX INFORMATION. 

 In the rush to the April 30 tax deadline, clients sometimes forget to give us all their information. It usually is a minor amount and the result of receiving information slips (e.g. T3, T5) after the return is filed.

Adjusting returns to include the missing income is a normal process and doesn't cause CRA undue concern. However, if you don't adjust the return, and CRA find the missing slip later, they put a mark on your file. 

Do the same thing again, anytime in the next three years, and there is an automatic 10% penalty on the second unreported slip.  Keep in mind the mark on your file is for any unreported income regardless of the amount. Forget a $75 slip now, and a $3,000 slip later, and you'll be assessed a penalty of 10% of $3,000 which is $300.

The best way to avoid the penalty is to provide complete information to us. If you locate a missing slip let us know immediately and we'll adjust your return. Don't wait until CRA finds the slip.

DO YOU KNOW WHERE YOUR ASSETS ARE?

Everyone should do a listing of their assets -- at least once per year. The listing serves several purposes.

--Criminal activity such as break-ins are on the rise. If there is a loss, a listing will better support your insurance claim.

--Investment trends can be determined.  You can see where your capital is invested now and in the past.

--Executors can determine where your assets are.  They can deal with your wishes easily and effectively.  Without a listing, executors may not locate all your assets.  

IMPORTANT  DATES.